Glenmark Pharmaceuticals Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting results.
GLENMARK · price
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Glenmark Pharmaceuticals has announced the results of its postal ballot conducted via remote e-voting between March 27 and April 25, 2025. Of the 1,93,758 total shareholders, 1,927 members holding 24,06,14,052 shares (85.27% of paid-up equity) cast their votes. Out of four resolutions, three were passed and one was defeated. The appointment of Pradeep Kumar Sinha as Non-Executive Independent Director passed with 99.95% support, the reappointment of Dipankar Bhattacharjee as Independent Director passed with 96.34% support, and the payment of up to 1% commission to Non-Executive Directors for three years passed with 99.99% support. However, the reappointment of Rajesh Desai as Independent Director was defeated, receiving only 70.32% votes in favour — below the 75% threshold required for a special resolution. Public institutional shareholders strongly opposed this resolution, with 76.36% voting against it.
The defeat of Rajesh Desai's reappointment signals clear institutional investor dissent and may force Glenmark to propose an alternative candidate for the board, introducing some short-term governance uncertainty. The smooth approval of the other three resolutions, including the new independent director appointment and director commission, indicates the dissent is specific to one board member rather than a broader governance concern.